BBB Ltd Has Provided Information from Its Financial Statements for the Year

question 64

Multiple Choice

BBB Ltd has provided information from its financial statements for the year ended 30 June 2015.
$$\begin{array} { l r } \text { Sales (all on credit) } & \$ 1,900,000 \\\text { Gross profit on sales } & 900,000 \\\text { Net profit } & 150,000 \\\text { Cost of sales } & 1,000,000 \\\text { Inventory at end of year } & 200,000 \\\text { Accounts receivable at end of year } & 500,000\end{array}$$
The company trades 365 days per year.
-The number of times BBB's inventory turned over for 2015 is:

• A) 2.0 times.
• B) 5.0 times.
• C) 5.5 times.
• D) 2.2 times.

Appreciate the significance of critical thinking in evaluating information and ideas.

Acknowledge common misconceptions about the sources of happiness.

Identify effective study habits and memory aids for academic success.

Understand the influence of health and relationship satisfaction on overall happiness.

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Definitions:

Interest

The cost of borrowing money or the return on invested funds, typically expressed as a percentage rate over a period of time.

Capital Account

An account used to summarize the owner's equity in a business, including funds contributed by investors or profits retained in the business rather than distributed.

Income Sharing

A financial arrangement where profits or revenues are distributed among participants or partners, often seen in partnerships and joint ventures.

Partnership Assets

Resources owned jointly by partners in a partnership arrangement, used in the operation of the partnership business.